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The future is here: the rise of the contemporary art market in Mumbai
17/01/2024

The future is here: the rise of the contemporary art market in Mumbai


by Elisabetta Roncati


According to some commentators, the motivation behind this phenomenon can be attributed to the numerous construction sites that dot the second most densely populated city in the world, numbering around 10,000 according to the latest data. These construction sites progressively degrade the air quality of the metropolis, bringing it closer to the pollution levels of New Delhi. The unrestrained construction progress also contributes to the increase in capital for many affluent entrepreneurs interested in contemporary art. Mumbai, being the financial, industrial, and cinematic hub of India compared to the capital, has always been less focused on the tourist side, with Bollywood being a prime example.







Local galleries have decided to network, and new venues from operators in other parts of the state have joined, giving rise to the Mumbai Gallery Association. Primarily driven by major commercial artistic and cultural players, who have shown significant expansion post-pandemic, it is less characterized by independent realities or spaces. Among the top players are Sakshi Gallery and Chemould Prescott Road, the oldest gallery in the city, which chaired one of the two historic events of the association this year: the Mumbai Gallery Weekend. Held last week and initiated in 2012 by just nine entities, the event spanned four days, from January 11 to January 14, 2024, and saw the participation of 34 galleries: PRE Art House, Akara Contemporary, Akara Modern, Anupa Mehta Contemporary Art, Art Musings, Art and Charlie, Chatterjee & Lal, Chemould CoLab, Chemould Prescott Road, Cocoon Fine Rugs x Priyasri Art Gallery, Cymroza Art Gallery, DAG 1, DAG 2, Experimenter Colaba, Galerie ISA, Galerie ISA 9, Galerie Mirchandani+Steinruecke, Art & Soul, Gallery Maskara, Gallery XXL, Jāmaat, Jhaveri Contemporary, Kamalnayan Bajaj Art Gallery, Method Juhu, Method Kala Ghoda, Nine Fish Art Gallery & The Dot Line Space, Priyasri Art Gallery, Project 88, Sakshi Gallery, SqW:Lab, Taj Art Gallery, Tao Art Gallery, TARQ, Vida Heydari Contemporary.
The event featured numerous exhibitions and performances organized for the occasion, such as Nikhil Chopra's "Line of Fire." Two recently opened galleries also stood out: Akara Contemporary, a new branch of the 20th-century-focused Akara Modern, presented works in beeswax, resin, and pen drawings by Bhagyahsree Suthar, and XXL, opened in 2023 with a focus on urban art. Last year also saw the launch of the first edition of Art Mumbai in November, with the participation of 50 galleries, about half of which came from New Delhi. Despite the capital already having its art fair, the India Art Fair scheduled for February 2024, all participants reported excellent results.







What makes Mumbai particularly attractive is its collectors, who are more interested in contemporary art and experimentation, and less conservative compared to those in the capital. Currently, Indian galleries mainly showcase the work of local creatives, but there is ample room for development that may interest foreign players soon. The reverse is already happening, as seen with the Experimenter Gallery, with locations in Calcutta and Mumbai, regularly participating in international art market exhibitions like Frieze and Art Basel.
Furthermore, younger Indian collectors, influenced by numerous travels abroad and international exchanges, show tastes that differ from their more conservative counterparts. Another crucial development for the city of Mumbai was the opening in 2023 of the Nita Mukesh Ambani Cultural Centre (NMACC) with exhibition halls spanning 1500 square meters, in addition to a two-thousand-seat theater. Artistically, it can be defined as a kind of kunsthalle named after its founder, Nita Ambani, wife of India's second richest man, Mukesh Ambani, the chairman of Reliance Industries.







There is also a creative network between Mumbai and New Delhi, as evidenced by the promoters of the Mumbai Gallery Weekend, which includes the India Art Fair in its fifteenth edition. Returning to the activities of the Mumbai Gallery Association, it is interesting to mention Art Night Thursday: every first Thursday of the month, participating cultural institutions offer extended visiting hours, opportunities to meet industry professionals and other art enthusiasts, and inaugurations. In Mumbai, the two main neighborhoods that have transformed into artistic zones due to the increased presence of museums and historic buildings are Fort and Colaba. However, the creative buzz permeates the entire metropolis, as evidenced by numerous projects inspired, for example, by the flourishing industry connected to Bollywood. This vitality extends beyond galleries and is reflected in the Indian auction house sales market: perhaps global players will increasingly show interest in the broader South Asian region soon.




Born in Genoa, Milanese by adoption, Elisabetta Roncati decided to combine her university education in economics and management with her passion for culture with a goal: bringing people closer to the art market in a clear, easily understandable and professional way. Interested in all forms of artistic and cultural expressions, contemporary and otherwise, she has two great passions: textile art and African art. As an art consultant, she firmly believes that culture has the power to transcend the boundaries of individual nations, creating a global community of art lovers. In 2018 he founded the registered trademark Art Nomade Milan that she uses to speak about art and culture on the main social media platforms.

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